Postal Savings Bank of China (PSBC) signed a strategic cooperation agreement with China National Gold Group Corporation (CNGC or China Gold) at a ceremony at the China golden building on November 28.

CNGC President Song Xin and Chief Accountant Zhu Shuhong had cordial talks with PSBC leaders on traditional financial services and creative financial products such as comprehensive credit, payment settlement, cash management, bonds and mergers and acquisitions.

PSBC President Lü Jiajin and Vice President Zhang Xuewen attended the event as Lü introduced the bank's development, management situation and main business advantages.

“As China's leading large retail bank, PSBC has nearly 40,000 outlets and 500 million customers as well as excellent asset quality and significant growth potential. The bank's asset totaled 8.76 trillion yuan (US$ 1.32 trillion) by September 30, and the rate of non-performing loans was only 0.76%,” Lü said.

“PSBC is willing to provide all-round financial services for China Gold and its subsidiary companies, and focus on extensive and in-depth cooperation in payment and settlement, cash management, bonds, mergers and acquisitions,” added Lü.

The event deepened the two sides’ cooperation and enhanced PSBC's brand and competitive advantages.

Song Xin highly praised PSBC's achievement in recent years and expressed his hope that the two parties would give full play to their strengths, consolidate and deepen cooperation, and focus on seeking opportunities for cooperation in mergers and acquisitions, shareholding reform and debt-to-equity swaps.

CNGC is the only central enterprise in China's gold industry under the supervision of State-owned Assets Supervision Administration Commission of the State Council. It is the chairperson member of the China Gold Association and the only Chinese member of World Gold Council.

The company specializes in prospecting, resource development, production, trade, engineering procurement in construction and others businesses in non-ferrous metals including gold, silver, copper and molybdenum.